American Express Net Rises 12%,
Aided by Cardholder Spending

NEW YORK -- American Express Co. said its second-quarter earnings climbed 12%, as its cardholders spent more and losses from soured loans declined.

The travel and financial-services company also said it expects 2003 operating earnings to exceed analysts' expectations of $2.26 a share, though results are unlikely to exceed $2.29, because of increased spending.